Insurance companies could be putting their vehicle insurance business at risk because they are not alive to the opportunities of telematics technology. That was a key message to emerge from the Telematics Europe conference held in London earlier this month.

Steve Evans, Chief Executive of technology provider, In-Car Cleverness, argued that it is non insurance brands such as Tesco and the RAC that had taken a lead in the telematics insurance field. He also pointed out that car manufacturers were also alive to the possibility of providing these new types of insurance product.

Using telematics means an insurance provider can gather data on actual driver behaviour and post incident forensics to help calculate insure cost. However, insurers are not driving this technology according to Steve. He said, “If insurers don’t act, they risk being just a part of the telematics future rather than being in the driving seat deriving benefit for all corners of the business.” He added, “Customers want more than a big brother device. They want to know expert help is at hand whatever happens. Meanwhile insurers need to gain by mitigating costs when incidents, be that accidents or theft occur.”

In-Car Cleverness is part of the Automotive & Insurance Solutions Group of Companies who are developing this field of technology which is liable to revolutionise the way insurance is bought and calculated in the future.